The Zurich-based bank said it had a net loss of $785 million for the three months to September. The key wealth management unit saw pre-tax profit of $1.01 billion, lower than estimates.
UBS Chief Executive Officer Sergio Ermotti is seeking to chart a path through the biggest merger in finance in decades, cutting more than $10 billion in costs and readying the combined bank for a strategic revamp due to be announced in February. The bank’s shares have gained by about a third this year as investors back Ermotti’s plan to integrate Credit Suisse’s profitable businesses while winding down the rest.
Source from: Bloomberg